Morning Coffee Nov 15 2009

Progress in BofA CEO Search?

By julie steinberg

The search is still on for BofA's new leader, and things may have just become more complicated.

The bank sent out a feeler to William Demchak, senior vice chairman at PNC, who wasn't interested. A major reason? Ken Feinberg's required approval of the compensation package for the lucky person who takes over for Ken Lewis.

WSJ reports that "cash salaries paid to the highest-earning executives at the seven companies getting exceptional federal aid were capped at $500,000 for 2009." Without that restriction, more candidates would probably be game for the job.

Halloween may be long over, but Feinberg's specter could continue to haunt succession proceedings for a while. (WSJ)

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